Elon Musk loses 'World's Richest Man' title in 48 hours after losing $1.9 billion in a day

Only 48 hours after reclaiming the title, Elon Musk has lost his position as the richest person in the world once more, according to Fortune. The head of Tesla and SpaceX momentarily reclaimed the top position on the global wealth pyramid earlier this week. His net worth was assessed to be $187.1 billion on the Bloomberg Billionaires Index.

But according to Fortune, on Wednesday, Tesla stock dropped more than 5%, reducing Musk's net worth by about $2 billion and reclaiming the top spot for French billionaire Bernard Arnault, CEO of the French luxury company Louis Vuitton. At $184 billion, Musk's net worth decreased by $1.91 billion on the day. This put him below Arnault's $186 billion fortune.

Musk was on top of the leader board only for 48 hours

Significantly, the leadership change took place only two days after Musk ousted Arnault from the top job. The Tesla share price dropped by 65% in 2022 as a result of many causes, forcing the French billionaire to depose the Twitter CEO in December.

According to Bloomberg, Tesla has grown 100% as a result of better economic predictions, higher investor demand, and consumer interest in recently discounted Tesla models. But for Musk, things looked very different in December. In one of the biggest losses of wealth in recent history, Musk's net worth dropped by nearly $200 billion between November 2021 and December 2022.